Daily market overview DXY, XAUUSD, OIL, S&P500, DAX, EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN
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DXY-USDollar index
The instrument is retesting the broken uptrend line of the rectangle 95.30-95.60 zone. This is also the area of the 61.8% Fibonacci retracement. We are expecting heavy rejection from here and continuation lower. Our view is unchanged the DXY is is in the topping pattern.
Note: continuation into the 99-100 zone only in the case of a confirmed daily close above the 95.60 level. We had an exhaustion stops cleaning.
XAUUSD-GOLD
Gold is testing the confluence of the upside resistance 1205-1210. The upside support for this break higher above the zone is 1185-1193 zone.
Note: look only for the long trade entries now with the stop loss below the 1180 level.
OIL
The instrument is reaching the upper channel resistance 76 level after the significant daily close above the 71 level. We could see a pullback from here before another leg higher. The second day of rejection ongoing.
Note: stay away from the trade entries for now
DAX
The instrument is bouncing off the wedge support 11900 level. This bounce is projected to produce a test of 12200-12400 zone test which is in the progress. We could see another leg higher into the 12700 if the 12200 level holds.
Note: look for the long trade entries with the stop loss below the 12200
S&P500
S&P500 is in the consolidation triangle above the 2900 broken level. This consolidation triangle could produce another swing higher. Only the daily close below the 2895 level could invalidate the upside swing.
Note: look for the long trade entries for now with the stop loss below the 2900 level.
EURUSD
The pair is testing the strong confluence upside support zone 1.15100-1.15300. The 61.8% Fibonacci retracement of the latest swing up is also here at the 1.15000 level. This support should hold for the upside continuation higher.
Note: look for the long trade entries with the stop loss below the 1.14800 level.
USDJPY
The pair is running into the strong resistance after the 300 pips move higher. The ascending wedge has been formed and we are seeing a test of the 114.500 level
Note: look for the short trade entries with the stop loss above the 114.500 level.
AUDUSD
The pair is testing the falling wedge lower line 0.7050 level. This level needs to hold for the reversal higher and revisit of the 0.7150 level again.
Note: stay away from the trade entries for now
NZDUSD
The pair is in the falling rectangle (usually bullish), with the support now at the 0.6480-0.6500 zone. This zone needs to hold for the upside extension continuation.
Note: look for the long trade entries with the stop loss below the 0.6460
USDCAD
The pair is bouncing off the channel support 1.2800 level after the significant break below the 1.2900 level. The downside support zone is 1.2870-1.2900 level. The 200 SMA is at the 1.2870 level.
Note: Look for the short trade entries with the stop loss above the 1.2880 level.
GBPUSD
The pair is reversing from the significant confluence of the support 1.2900-1.2950. Higher probabilty trade entries only in the case of a break above the 1.3100 level.
Note: look for the long trade entries with the stop loss below the 1.2950 level.
Bitcoin
The instrument is strongly supported by the 6000-6400 zone. We expect an upside continuation into the key upside resistance 6850 level.
Note: look only for the long trade entries with the stop loss below the 6100
The daily market overview is the comprehensive look at all market classes and it will give you the full daily insight of the market positioning for further actions.
Technical analysis of instruments listed here is just an indication of possible price movement and does not indicate any trade action which could be initiated by investors and members of this site.
